Building Wealth Through Mentorship and Career Transformation

From a feast or famine lifestyle to financial stability, the chapter recounts the journey of a guest who transitioned from a career as a builder to a firefighter with the help of mentors. Learn how they navigated financial challenges and embraced a wealth-building strategy through saving and investing.

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You could be missing out on the chance to earn passive income from your home (and other rentals!) with a “no-brainer” money move. This investing strategy is picking up steam and could become one of the big trends in real estate this year. Today’s guest was one of the early adopters, and it carried him to FIRE by his late thirties!

Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with “That ADU Guy,” Derek Sherrell. Right before the 2008 housing market crash, Derek left his contracting job behind and returned to school to become a firefighter. Little did he know that this career move would provide the time, freedom, and connections to launch a full-blown side hustle alongside his W2 job. Before the age of forty, Derek became financially independent, with the ability to retire early, all thanks to this simple strategy. Since then, he has made it his life’s mission to inspire countless others to do the same!

In this episode, we’re taking a deep dive into accessory dwelling units (ADUs). Tune in to learn why the combination of serial house hacking and some kind of “secret sauce” (in this case, ADUs) is perhaps the easiest path to FIRE. Derek will tell you everything you need to know about buying, building, and renting out ADUs—from financing these units to scaling your business!

Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!

In This Episode We Cover

Accessory dwelling units (ADUs) explained (and how they create passive income)

Why the modified serial house hacking strategy might be the easiest path to FIRE

How to completely replace your W2 income with cash flow from ADUs

How to easily (and affordably) convert a single-family home into a duplex

Why ADU investing could be one of the biggest investing opportunities in 2024

How to get your spouse on board with your real estate investing strategy

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums